PayPal (NASDAQ:PYPL) plans to integrate its PYUSD stablecoin into more of its products by 2025 to unite merchants under a single platform. PYUSD will be offered as a payment option for 20 million small and medium-sized merchants. As specified by the top manager Michelle Gill, the company expects corporate clients to attract their suppliers to the PayPal network to simplify transactions.
Bloomberg material
What else do we know? She said the company expects cross-border payments to grow as U.S. merchants look to pay overseas vendors and suppliers. PayPal plans to streamline cross-border payments with PYUSD to avoid currency conversions and improve the speed and efficiency of transactions.
PayPal conducted its first business transaction using PYUSD in October last year.
The company also plans to add PYUSD as an option for global payments through Hyperwallet, which helps organizations send payments in bulk to contractors, freelancers, or vendors around the world. PayPal acquired Hyperwallet in 2018 for $400 million.
Hyperwallet will add support for PYUSD payouts in the first half of this year, and will also allow merchants to settle PayPal payments in other cryptocurrencies by the end of the year.
PYUSD is ranked 115th overall in cryptocurrencies and 10th in stablecoins by market cap with $703.6 million.